Will You be Driving an EV Soon?
A decade ago, electric vehicles weren’t common. In fact, many people held fears of running out of power on remote roads or even lacking power compared to ICE (Internal Combustion Engine) vehicles.
Brands like Tesla, Polestar and VW have proven those above fears wrong.
So, will you be driving an EV soon? Probably.
The soon-to-be-released-in-Australia Polestar 2 has a range of around 500km per full charge. The Tesla Model 3 Long Range is capable of 657 km. There are many pros of owning an EV, but range put into perspective:
- Sydney to Canberra (and back): 580km
- Melbourne to Mildura: 545km
- Adelaide to Port Lincoln: 650km
- Perth to Kalgoorlie: 594km
- Your home to work in a Model 3 Long Range: 41 times
- The average work commute in Australia: 16km.
The Tesla Model S P100D will punch 0–60 mph (0–97 km/h) in a lightning 2.28 seconds. You get that speed for around $155,000. Seems a lot, but put into perspective:
- Lamborghini Huracán Performante: 0–60 mph 2.3 sec / $483,000+
- Porsche Taycan Turbo S: 0–60 mph 2.4 sec / $338,500+
- Nissan GT-R Nismo: 0–60 mph 2.48 sec / $378,000+
EVs around the world.
Many countries are planning a phase out of ICE vehicles. EV world leader, Norway, is planning to ban ICE vehicle sales by 2025. When in place, Norwegians will only be able to purchase new vehicles in the form of EVs.
Big auto-influencer Japan also has EV plans. By 2035, Japan is aiming to ban new ICE vehicles. This means Japanese automakers are getting more and more into the EV business.
- Honda - 66% of its sales to be EVs by the end of 2030
- Nissan - seven EV models by 2022
Toyota, which reigns king of hybrids, is also bringing out fully-electric vehicles - for example, the recently released X Prologue. As far as Toyota hybrids go, in 2019, the brand sold a record 27,000 in Australia alone. They smashed that record by selling 33,400 by August in 2020.
Other countries’ plans to phase out ICE vehicles:
- South Korea: EVs account for 30% of auto sales by 2020 / No diesels by 2025.
- UK: No new ICE vehicles sold after 2040. Primary brands affected: Land Rover.
- Germany: No registration of ICE vehicles by 2030.
- France: No new ICE vehicles sold after 2040.
- Singapore: No new ICE vehicles sold after 2040.
Other brands planning EV lineups:
- Jaguar - all electric by 2025
- Mercedes - electrified versions of all its models by 2022
- Volkswagen - producing one million EVs a year by 2023
- Ford - all passenger cars in Europe to be EV or plug-in hybrid by 2026
What does this mean for Australia?
It means the Australian car market following suit. Despite Australia lagging behind in EV incentives compared to many other countries, there are increasing options for buyers.
For example, the Volvo-owned Polestar, which is launching their all-electric Polestar 2 vehicle in Australia soon.
(The Polestar 2. Source: interestingengineering.com)
As the 2020s progress, consumers can (finally) expect more of a used-EV market to develop too. Currently in Australia, there are minimal used EVs on the market which keeps prices high. Not for long.
Can EVs really save the world?
The big brag of EVs, other than being cool and quirky like Teslas, is the green factor.
The transport industry contributes 16% of the world’s greenhouse gas emissions. Cars and motorbikes make up 47% of that 16% total.
- Airline industry: 10%
- Cargo and cruise ships: 10%
- Trucks and busses make up 30%
- Rail makes up only 1%
Although it’s true that EVs cost more of a carbon footprint to produce, they very quickly make up for it when it comes to actually moving along the road.
The average ICE engine car uses about 9.97 litres of petrol / 100km. Even when charged from fossil fuel-generated electricity a Tesla Model 3 equals around 4.28 litres / 100km in emissions.
Charged on greener energy, it drops to 1.63 litres / 100km and approaches zero emissions when charged from renewables.
Get into an EV sooner than the world will.
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Positive Lending Solutions offers finance for EVs, ICE vehicles and commercial vehicles.